US officials threaten to sanction firm that promised to revolutionize blood testing

US regulators have proposed revoking the federal license of the California laboratory of the biotechnology firm Theranos and banning the company’s top officials from owning or running a laboratory for at least two years.

The privately held company had promised to revolutionize the blood testing industry with a technology that the company said made it possible to run various tests for a wide variety of conditions from only few drops of blood collected with a simple finger prick. With the claim that its technology would make blood testing faster, cheaper, less painful, and more …